Beijing, Aug 28 (IANS): Profits of China's major industrial firms fell 2.9 percent year-on-year in July, sharply down from 0.3 percent decline posted in June, authorities said on Friday.
The National Bureau of Statistics (NBS) said profits at industrial companies with annual revenues of more than 20 million yuan (about $3.1 million) totaled 471.6 billion yuan in July, Xinhua news agency reported.
Industrial profits of these firms dropped one percent from one year earlier to 3.3 trillion yuan in the first seven months, the NBS said. The decline widened from 0.7 percent decrease registered in the first half of the year.